Capital growth player Attacq plans to become a real estate investment trust (Reit), says the company that owns the Mall Africa near Midrand. The move to the Reit structure means it will start paying dividends to shareholders, which is likely to put the counter on the radar of a wider investor audience. Many South African property fund managers are mandated to invest in income-producing companies only. Attacq listed on the JSE in October 2013. It has since completed 32 developments, including the Mall of Africa and 25 other developments in Waterfall, adding 434,154m² of lettable area to its portfolio. CEO Morné Wilken said on Tuesday that the group would pay its first dividend at the end of its June 2018 financial year before obtaining full Reit status in its 2019 financial year. "It is now appropriate for Attacq to reposition itself and adopt a strategy which includes income distribution … subject to the approval of the JSE for Reit status for the financial year commencing July 1 20...
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